Joe O’Reilly’s Chartered Land is understood to be in talks with the Royalton Group, the UK-headquartered property investor and developer, in relation to the potential sale of the landmark “Hickeys site” on Dublin’s Parkgate Street. News of the negotiations comes just weeks after it emerged that the German-headquartered investor Commerz Real had pulled back from its plan to provide some €200 million in forward funding for the construction of a 30-storey residential tower on the 1.65-acre holding.
Should a deal for the Parkgate Street site proceed, it would represent the Royalton Group’s second major residential scheme in Dublin. The developer is already working in partnership with Tristan Capital Partners on 485 build-to-rent apartments as part of its delivery of the Hamilton Gardens scheme in Cabra, Dublin 7.
Established in 1999, the Royalton Group operates across a range of property sectors including luxury residential, BTR, purpose-built student accommodation, hotels, asset management on behalf of family offices, and real-estate consultancy. While a potential sale price for the Parkgate site remains unclear, O’Reilly paid in excess of €30 million — or just under €18.2 million per acre — to secure ownership of the property in 2018. The figure represented a premium of 50 per cent on the €20 million price agent Finnegan Menton had been guiding when they offered the site for sale in an ‘off market’ placing in May of that year.
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